This could be really bad for all the fanboys and girls that were looking forward to Peter Jackson and Guillermo del Toro’s The Hobbit – not to mention the few fans of the new Bond. MGM has been operating without a net for a while now and their board has reportedly decided to file the papers and close-up shop according to quotes from major shareholders. I didn’t realize this, but Pink Panther 2 and Fame are the only two movies the studio has release so far this year. Not the way to make money guys. The Hobbit was being produced by MGM, but was set to be distributed by New Line (a subsiderary of Warner Bros…) which makes me wonder in the WB might be first on the first to buy the company – especially to keep Disney from scooping it up.